Ethereum order book liquidity drops below half of Bitcoin's level despite Q3 rally, CoinGecko reports
Ether outpaced Bitcoin with a 70% rally during the third quarter of 2026, but its order book liquidity fell to less than half of Bitcoin's depth, according to CoinGecko.
Ether gained 70% in the third quarter of 2026 to beat Bitcoin's 42% rise, but the price rally was accompanied by thinning market depth, according to findings from CoinGecko. Ether's spot order book liquidity dropped to less than half of Bitcoin's, holding only 35% to 45% of Bitcoin's depth between July and September, down from at least 60% relative to Bitcoin in 2025.[1][2][3][4]
CoinGecko's 2026 Crypto Liquidity on CEXes Report aggregated median daily ETH liquidity from July 6 to September 3, 2026, across eight centralized exchanges: Binance, Bitget, Bybit, Coinbase, Crypto.com, Kraken, MEXC, and OKX. Across the venues, Ether recorded roughly $13 million to $14 million in median liquidity within 0.15% of its market price. Seven of the eight exchanges held more than $1 million per side, with Binance leading the platforms.[2][3]
Crypto Briefing reported that the reduced liquidity compared to Bitcoin could lead to higher trading costs and increased market volatility, creating potential friction for institutional trading strategies.[4]
Key facts
- Ether rallied 70% in the third quarter of 2026, surpassing Bitcoin's 42% gain, according to CoinGecko.
- Ether's order book liquidity fell to less than 50% of Bitcoin's level, holding between 35% and 45% of Bitcoin's market depth between July and September 2026.
- Ether's market depth relative to Bitcoin was down from at least 60% in 2025.
- Ether maintained median daily liquidity of $13 million to $14 million within 0.15% of its market price.
- Seven of the eight exchanges surveyed held over $1 million per side in ETH liquidity, with Binance holding the largest share.
- CoinGecko aggregated daily liquidity data from July 6 to September 3, 2026, across Binance, Bitget, Bybit, Coinbase, Crypto.com, Kraken, MEXC, and OKX.
- Crypto Briefing reported that thinner liquidity for Ethereum may cause increased trading costs, higher volatility, and disruption to institutional strategies.
Sources · 4 sources
- CO
CoindeskArticle ·
Ether's bitcoin-beating Q3 rally came with a catch. Liquidity thinned. Ether beat bitcoin in the third quarter, but its market liquidity got thinner, according to Coingecko.
Open source - CO
CoinGecko@coingeckoPost on X ·
$ETH liquidity is now less than half of $BTC's, down from at least 60% in 2025. • Median liquidity is $13M-$14M at the 0.15% level (BTC: ±$100, ETH: ±$3) • 7 of 8 exchanges hold over $1M per side, with @Binance leading at ±$3 https://t.co/pEhi4NnDqA
Open source - BS
BSCN@BSCNewsPost on X ·
Ethereum Outpaced Bitcoin, But its Liquidity Took a Hit Ether gained 70% in the third quarter, beating Bitcoin’s 42% rise, according to CoinGecko. Yet ethereum:native’s median daily market depth fell sharply compared with the same period last year. Ether held only 35% to 45% of Bitcoin’s market depth between July and September. ETH had roughly $13 million to $14 million in orders within 0.15% of its market price. CoinGecko said ETH remains liquid, with most exchanges holding over $1 million per side. Source: CoinGecko
Open source - CB
Crypto BriefingArticle ·
Ethereum liquidity drops below 50% of Bitcoin’s level Ethereum's reduced liquidity compared to Bitcoin may lead to increased trading costs and volatility, impacting institutional trading strategies. The post Ethereum liquidity drops below 50% of Bitcoin’s level appeared first on Crypto Briefing .
Open source